Women in Western Australia are retiring with over $140,000 less than men with the state reporting the worst gender pay gap.
The state had a gender pay gap of 22.4%, significantly higher than the national average of 14.1%.
This then contributed to a retirement balance disparity where women in WA were retiring with $141,000 less than men.
Aware Super chief executive, Deanne Stewart, said: “There are two timelines to consider when looking at your future super income which is based on your current wage and multiplied over your working life.
“There’s the now – which is when women are being paid less for the same roles than men – and then there’s the future, which is one where that lower wage means a lower starting point and will be leaving them with a smaller retirement income to live on.”
She recommended that employers took action through initiatives such as pay equity audits, super guarantee on paid and unpaid parental leave or gender pay equity policies.
“When women are paid less than men, it sets up a domino effect of disadvantage for life – all the way to, and then through retirement.”
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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